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NYSE Extends Closing To 4:15 PM, Cites "System Irregularities"

Submitted by Tyler Durden on 07/02/2009 15:59 -0400

New York Stock Exchange

Tsk Tsk. Those pesky SPARCs. Anyone remember March 2007? In other news, Sky Net will be nominating a robo-president for 2012 shortly.

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Thu, 07/02/2009 - 16:02 | 4193 Lets_Eat_Amen

What is this about? I'm listening to Bloomberg and they're baffled. Did GS's playstation 4 prop blow up?

Thu, 07/02/2009 - 16:04 | 4197 economessed

We can put a man on the moon, but we can't figure out how to conduct transactions of over-valued equity shares.....

Thu, 07/02/2009 - 16:05 | 4198 Arm

Yes, unfortunately S&P is on track to irregularly close below 900. We can't allow that to happen. Where did all the SLP orders go? Somebody call Canaday!!

Thu, 07/02/2009 - 16:49 | 4222 Lets_Eat_Amen

he's busy getting a blow job from Dennis Kneale.

Thu, 07/02/2009 - 16:05 | 4199 Anonymous

MASSIVE sell order?????

Thu, 07/02/2009 - 16:14 | 4201 Strom

"NEW YORK (MarketWatch) -- The New York Stock Exchange said it extended trading until 4.15 p.m. Eastern on Thursday due to system irregularities. The NYSE, which normally ends trading at 4 p.m. Eastern, said it would provide another 15 minutes "in order to settle customer transactions that were affected by systemic irregularities," according to Eric Ryan, a spokesman for the exchange. No further information was immediately available on the nature of the irregularities or on which stocks might have been affected, he said."

Thu, 07/02/2009 - 16:20 | 4202 Anonymous

Your blog is fantastic, but please, the SPARC joke is killing me. Anyone in the business running any real algos, even on Sun hardware, is using x86 architecture processors. If they seriously are running SPARC for front-office algos and execution platforms, then they're in the wrong decade and certainly the wrong business and should go back to academia or get back in their time machine and dial in 1999.

Thu, 07/02/2009 - 16:34 | 4214 Anonymous

I can corroborate that. SPARC is old tech.

Thu, 07/02/2009 - 17:02 | 4231 Tyler Durden

Is that right? Someone didn't tell East Setauket that.

Thu, 07/02/2009 - 17:27 | 4245 Anonymous

You both got that backwards. The reason for all those increasing failures is the increase use of x86 architecture at the expense of SPARCs. While SPARCs might have been operating upon a flawed business model, they always have been gazillion times ahead in terms of parallel execution and reliability.

Thu, 07/02/2009 - 18:09 | 4257 calgaryschmooze

Agreed.

Being big-endian and requiring strict alignment for memory access also helps SPARCs ferret out bad code crappily-written for assumed x86-only execution. Your mileage may vary, but if you're concerned about security, stability and perhaps some cleanliness and elegance (unlikely with most of this crowd), vet the code on SPARC64.

Fri, 07/03/2009 - 10:00 | 4379 JohnKing

There's a new grunt on the block:

NVIDIA GPUs

Tue, 07/07/2009 - 01:57 | 4998 Anonymous

"...go back to academia"

I'm an academic theoretical physicist. I'm here because it gives me intellectual freedom (with a nice secure job and final salary pension thrown in). Guys like you think you are so smart for designing new ways to set fire to the world and then brag that you can do it faster using x86 architecture. Congratulations!

You score an F.

Thu, 07/02/2009 - 16:20 | 4203 100PercentProle

Rahm: "Fuck you, hey Dimon, what's up?"

Dimon: "I'm high as shit out here on the Hamptons"

Rahm: "Fuck you, get your ass back and gun some SPY"

Dimon: "Aw fuck"

Thu, 07/02/2009 - 18:41 | 4266 don

FUNNY STUFF...had my laughing

Fri, 07/03/2009 - 10:59 | 4381 JohnKing

Rahm: "Fuck you Dimon"

Dimon: "No Rahm, FUCK YOU!"

Rahm: "Oh shit"

Thu, 07/02/2009 - 16:27 | 4212 Steak

The volume today was on par with a X-mas eve trading.

Extending the day because there wasn't enough liquidity to clear some trades that came around the close? I'd bet a trillion Zimbabwe dollars on it.

There was a big gap down 3:22. I'd bet them same Zimbabwe dollars thats related to this mess as well.

Thu, 07/02/2009 - 16:35 | 4215 shargash

I'm not sure if it is just the crap tools I use, but I see a big divergence between SPY & the index at the very end.

Thu, 07/02/2009 - 16:36 | 4218 GoldmanSux

Boom!

Thu, 07/02/2009 - 16:48 | 4221 FischerBlack

SPY trades on the AMEX, and the AMEX wasn't extended.

Someone might have taken a position in the Amex-traded ETFs today and then taken the opposite side of the trade in the underlying NYSE stocks between 4 and 4:15pm as they diverged from what the ETF closing price would indicate at the close. It's possible to make some good money as the spread narrows on Monday.

I have no evidence that anyone did this, but but extending trading hours is highly unusual. And the NYSE explanation made little sense to me.

Thu, 07/02/2009 - 16:52 | 4223 thinkinghardwil...

There is still an aftermarket in SPY...

Thu, 07/02/2009 - 17:01 | 4230 shargash

SPY looks to be down by about 1/3% in after hours. That's enough to close the gap with the index. However, I wouldn't think after hours would have enough volume to absorb the all the buys that hit at 4:00. Over 1M SPY shares were traded in the last 5 min.

Thu, 07/02/2009 - 17:20 | 4242 thinkinghardwil...

There was several million SPY traded between 4:00 and 4:15

Thu, 07/02/2009 - 17:33 | 4247 shargash

OK, I understand now. It was largely that my crappy tools take a long time to update. It appears that SPY did close at 4:00, but I'm now showing 18M shares trading in after hours. Thanks :)

Thu, 07/02/2009 - 17:45 | 4249 FischerBlack

Well, yeah, but we're not talking about little Billy and his odd lots during after hours, are we? I mean, we're talking about the biggest players in the market arranging an extended session to put on a damn profitable trade with earnings around the corner. That is, we're talking about this if we're talking about anything at all.

Truthfully, I don't think there's much more to the story than the NYSE refusing to execute certain large orders this morning due to zero liquidity. I couldn't believe how little volume there was at the open.

Thu, 07/02/2009 - 16:57 | 4227 shargash

That makes sense (though I see SPY as trading on NYSE ARCA, but I assume it wasn't extended). It looks like a lot of buys hit SPY right before 4:00. I was wondering if someone has their butt hanging out a bit on that. What happens if the index opens down significantly?

Thu, 07/02/2009 - 17:02 | 4232 Anonymous

the explanation is easy in my tin foil hat wearing head.

the glitch was fake to keep sell prgrams from tripping in early in the day.

Thu, 07/02/2009 - 17:21 | 4243 thinkinghardwil...

Please elaborate why 15 min would make a difference

Thu, 07/02/2009 - 20:40 | 4285 Anonymous

recommended articles

Fri, 07/03/2009 - 20:58 | 4447 Anonymous

large sell orders with no liquidity equals crash.

turn off computers, stop sell programs until you can line up buyers/liquidity.

Took a liitle while, but overall volume was extremely light so only an added 15 min was needed to clear orders at eod

Thu, 07/02/2009 - 17:06 | 4234 Anonymous

Can anyone post the volume charts for the day? Middday it looked like no one was doing anything at all.

Thu, 07/02/2009 - 17:17 | 4240 Anonymous

Sure.

http://finance.yahoo.com/q/bc?s=MTXX&t=1d

Thu, 07/02/2009 - 23:38 | 4338 Alberto (not verified)

Throw the crooks in jail. Goldman Loyd blank field. ken lewis. Thaine.
hat tip for the good articles: investmintideas.blogspot.com
whay cant we get one of those big selloff days? maybe -500 points on the DJIA? And no rebound either.

Thu, 07/02/2009 - 17:25 | 4244 Anonymous

TD, that link about SPARCs being relevant lists only one SPARC machine among 2600 other machines. The SPARC is hardly relevant.

That said, I have no love for SPARCs. If Sun Microsystems wasn't responsible for Java they'd be just as worthless as Pets.com. SPARC machines are total shit compared to x86 and Sun's operating system, Solaris, is a fucking blight guaranteed to make your system at least twice as slow as it would if you'd used Linux instead. Even Java runs shittier on Solaris.

Thu, 07/02/2009 - 17:58 | 4256 Anonymous

#4244, You are wrong, the "18 Sun machines running Solaris" that the trading system consists of are also running SPARC CPUs. They are the core of the trading system.

Thu, 07/02/2009 - 20:28 | 4282 Arm

Bloomberg is reporting that NYSE experienced intermittent IT issues all day.

Here is a question from a Value guy for our Quant forum. How would delays in execution, and lagging quotes affect quant trading SLP's et al? Could today's decline be related to the fact that the algo's were not getting the necessary data input to trade the market stable?
Are the two related? How much of the effect would be mitigated by ECN's?

Thu, 07/02/2009 - 20:34 | 4283 Anonymous

1.9PB of space, 600 cores? Big deal.

Thu, 07/02/2009 - 20:40 | 4286 Anonymous

Looking for more topical finance & econ articles?

Thu, 07/02/2009 - 21:12 | 4313 Anonymous

Cmon!! Does anyone really belive that with such low volume they would have errors like this?

This is PURE market manipulation, HOW can they decide at the last second to do that... Because we give them the power..

Thu, 07/02/2009 - 22:31 | 4327 carpentersr

All I can say is that a H&S top is forming on the SPX... Look out below (as I am sure most of you have known this for some time now!)

Thu, 07/02/2009 - 23:02 | 4331 Gilgamesh

The ability to see this formation if the S&P pulled back before breaking the last high is what lead a lot of people to go short this week. Personally, I grabbed a lot more puts on some banks and REITs.

Take a look at IYR after today. This is very, very ugly if it breaks under 30.

Fri, 07/03/2009 - 08:59 | 4370 Anal_yst

I don't trade technicals, but I'm pretty sure there's some more complex analysis going on there than standard-faire series-7 type H&S patterns.

Anyone using DeMark Indicators out there btw, know if the BBG book is any good?

Fri, 07/03/2009 - 20:42 | 4441 carpentersr

While fundamentals are always needed, I think (in this market at least) technicals are a proven way to make you $. You might not trade on technicals, and I am sure you did have some greats returns with this strategy last year :),(positive, didn't think so!), but the fact of the matter is, this is a trading market and will be for some time...

Fri, 07/03/2009 - 20:07 | 4438 Anonymous

Highly irregular moves like this, that have to do with the primary rules of the market are just another sign of increasing desperation.

We'll see more special exceptions like this as we approach the precipice...

Mon, 09/06/2010 - 23:55 | 566605 pointingtrade

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NYSE Extends Closing To 4:15 PM, Cites "System Irregularities"

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